H.R.370 - To amend title II of the Social Security Act to establish a Social Security Surplus Protection Account in the Federal Old-Age and Survivors Insurance Trust Fund to hold the Social Security surplus, to provide for suspension of investment of amounts held in the Account until enactment of legislation providing for investment of the Trust Fund in investment vehicles other than obligations of the United States, and to establish a Social Security Investment Commission to make recommendations for alternative forms of investment of the Social Security surplus in the Trust Fund.113th Congress (2013-2014)
|Sponsor:||Rep. Blackburn, Marsha [R-TN-7] (Introduced 01/23/2013)|
|Committees:||House - Ways and Means|
|Latest Action:||02/04/2013 Referred to the Subcommittee on Social Security.|
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Summary: H.R.370 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in House (01/23/2013)
Savings for Seniors Act of 2013 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Federal Old-Age and Survivors Insurance Trust Fund a Social Security Surplus Protection Account to hold the Social Security surplus.
Denies the availability of the balance in the Account for investment by the Managing Trustee.
Establishes in the executive branch of Government a Social Security Investment Commission to study the most effective vehicles for investment of the Federal Old-Age and Survivors Insurance Trust Fund, other than investment in the form of U.S. obligations resulting in the transfer of Trust Fund assets to the general fund of the Treasury.